Table of Contents 1 164

KUB Malaysia Berhad Annual Report 2021

Corporate Information 3
Corporate Structure 4
Board of Directors 5
Profile of Directors 6
Board Committees 11
Profile of Senior Management 12
5-Year Group Financial Highlights 14
Economic Value for Shareholders 15
KUB in the news 16
The Group Managing Director’s Statement and Management Discussion & Analysis 18
Sustainability Statement 25
Corporate Governance Overview Statement 32
Additional Compliance Information 37
Statement on Risk Management and Internal Control 38
Board Audit Committee Report 42
Statement of Directors’ Responsibility 44
Directors’ Report 46
Independent Auditors’ Report 50
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 54
STATEMENTS OF FINANCIAL POSITION 56
STATEMENTS OF CHANGES IN EQUITY 58
STATEMENTS OF CASH FLOWS 61
NOTES TO THE FINANCIAL STATEMENTS 64
GENERAL INFORMATION 64
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 64
SIGNIFICANT ACCOUNTING POLICIES 65
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 83
REVENUE 85
COST OF SALES 86
FINANCE INCOME 86
FINANCE COSTS 87
PROFIT BEFORE ZAKAT AND TAXATION 87
AUDITOR’S REMUNERATION 89
DIRECTORS’ REMUNERATION 89
TAXATION 90
NON-CURRENT ASSETS HELD FOR SALE 91
EARNINGS PER ORDINARY SHARE 92
PROPERTY, PLANT AND EQUIPMENT 93
INVESTMENT PROPERTIES 98
LEASES 101
INVESTMENTS IN SUBSIDIARIES 107
INVESTMENT IN ASSOCIATES 111
OTHER INVESTMENTS 112
INVENTORIES 113
BIOLOGICAL ASSETS 113
AMOUNT DUE FROM/(TO) SUBSIDIARIES 114
TRADE AND OTHER RECEIVABLES AND CONTRACT ASSETS 115
CASH AND BANK BALANCES 117
TRADE AND OTHER PAYABLES, REFUNDABLE CYLINDER DEPOSITS AND CONTRACT LIABILITIES 118
BORROWINGS 120
DEFERRED TAX LIABILITIES 122
DERIVATIVE FINANCIAL LIABILITIES 124
SHARE CAPITAL 125
RESERVES 125
RETAINED EARNINGS AND DIVIDENDS 125
NON-CONTROLLING INTERESTS 126
DEFERRED INCOME 128
COMMITMENTS, CONTINGENT LIABILITIES AND MATERIAL LITIGATION 128
RELATED PARTY DISCLOSURES 129
FAIR VALUE OF FINANCIAL INSTRUMENTS 131
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 133
CAPITAL MANAGEMENT 136
SEGMENT INFORMATION 137
SIGNIFICANT EVENTS 142
INVESTMENTS IN SUBSIDIARIES 143
INVESTMENTS IN ASSOCIATES 146
STATEMENT BY DIRECTORS 147
DECLARATION BY THE DIRECTOR 147
List of Properties 148
Analysis of Shareholdings 150
NOTICE OF 56TH ANNUAL GENERAL MEETING 153
ADMINISTRATIVE DETAILS 157
PROXY FORM 161
Group Directory 163

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